Introduction

True Freeze allows investors to benefit from locking up their ETH on the Ethereum Blockchain, with the possibility of future tokens and chains being added in the future. If investors want to unlock their ETH early before the withdrawal agreed there is a penalty in ETH and frETH, the token investors gain for locking up their ETH.

When investors lock up their ETH, they also get a Freezer NFT, the NFTs can be sold on an NFT marketplace with the idea being that investors benefit from Zero-Coupon-Bond pricing, simply put the NFT for the new owner will be traded at a lower price than it’s value, with the full value of the NFT being able to be redeemed at maturity or withdrawal date.

Let’s take a look at the data available so far on early redemptions on the True Freeze platform, any references to ETH & WETH are interchangeable.

Methodology

Using SQL and the FlipsideCrypto IDE, I collected the following data:

• For the number Withdrawal Penalty Transactions, I counted each distinct tx_hash where funds had been sent to the Multi Rewards contract, 0xA45645EbB075A96d1c89511E28d3E9B94F3B7905 using the withdraw function

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• For the bar chart Daily Withdrawal Penalties Paid, I visualised the amount of frETH and wETH sent to the Multi Rewards contract where the Withdraw function was used.

• In the scatter chart Withdrawal Penalty Transactions Daily, I examined the number of distinct tx_hash that had been sent to the Multi Rewards contract using the withdraw function.

• For the pie chart ETH Locked vs Withdrawn Early - ETH Amount, I found addresses that had withdrawn early by looking at addresses that had used the withdraw function and sent crypto to the Multi Rewards contract, I joined this with an SQL statement tracking the amount of ETH sent from the TrueFreezeGovernor contract 0xa4B41efc1B6F73355c90119aeeFDdB1ffcf907b0 using the withdraw function; this represents the amount of ETH withdrawn early. I created a further SQL statement that tracked the amount of ETH sent to the TrueFreezeGovernor contracted to represent addresses that had locked ETH. I then used union to select the amount of ETH locked and withdrawn early.

• The pie chart ETH Locked vs Withdrawn Early - USD Amount, utilises the same methodology as above, however, the USD value of ETH is compared.

• For the scatter graph Amount Of ETH Locked Daily, I visualised the amount of ETH locked in USD and ETH denominations by using the sum function on the amount for ETH Amount and amount_usd for the USD amount, I used date_trunc(‘day’, block_timestamp) and group by day to show the sums daily.

Withdrawal Penalties

• So far there has only been only one early withdrawal transaction so far.

• The investor paid 0.00164frETH and 0.000250 ETH, the early withdrawal fee for frETH is variable and the fee for wETH is 0.25%.

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• The investor carried out an early withdrawal on the 10th of June, the day when the first transactions are seen on the True Freeze smart contracts. This means the investors could have been testing out how the early withdrawals worked and the associated cost of doing so.

• The data in this dashboard refreshes daily, so the Withdrawal charts should populate with more data as time goes on.

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Conclusion

Due to the recent launch of the protocol and the faith in the investors who have staked on the platform so far, there has only been 1 early withdrawal representing 0.087% when compared to the amount of ETH locked on the platform.

The investor who completed the transaction did it on the first day of transactions recorded indicating that they were likely to be testing how the smart contracts & dapp worked, the investor paid a fraction of frETH and ETH as an early withdrawal fee. On June 20th we see the largest single investment of ETH on the platform of 5.2ETH, and more recently we see the second largest investment in USD of ETH of $1521 on the 25th of July a possible indicator that larger investment sums may be to come. With the charts updating daily, we will be able to see the growth of the platform over time, so far investors looked to be diamonded-handed and willing to wait to unlock the ETH they stake on the platform.

Sources

Image 1, True Freeze Logo, https://1342673856-files.gitbook.io/\~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FCuoWrqUivgdEBM9CMKny%2Fuploads%2F5qojor43JdXsTdu0p5h0%2Ftrue_freeze_black_banner.png?alt=media&token=febfd757-8c49-4044-b012-88ba2399ef8f

Introduction, Freezer NFT,

Introduction, What is Wrapped Ether (WETH),

Withdrawal Penalties, Early WIthdrawal Calculation,

ETH Sent & ETH Withdrawn Early

• So far there has been 0.0874% of ETH/0.09975 ETH withdrawn early using True Freeze when compared to the ETH locked on the protocol.

• 11.3108 ETH has been locked so far by investors, with the value of the ETH In USD Being $13,495.

• It’s not surprising that the withdrawn early percentage is small giving that there has only been one penalty transaction so far.

• The amount of ETH that has been sent to True Freeze daily has flucated over time, with the largest amount locked on a day being on the 20th of July, 5.2ETH, 54% smaller than the total amount invested over time.

• Investors have invested smaller denominations of ETH on a number of days, which could be a way of testing the protocol.

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• The second largest investment in USD of 1521$ on a day was recorded on the 25th of July, in the last few days which may be a sign of investors becoming more confident to invest more on the platform in the future.